Australian iron ore miner Fortescue Metals Group has provided updates on its Belinga Iron Ore project in West Africa.
Ivindo Iron, an incorporated joint venture which is owned 80 percent by Fortescue and 20 percent by the Africa Transformation and Industrialisation Fund, an Africa-focused investment fund incorporated in Abu Dhabi, has signed an exploration agreement for the Belinga Project with the government of Gabon in West Africa.
The agreement enables the grant of exploration licenses covering approximately 4,500 square kilometers for the exploration of the Belinga Project. It also envisages an exploration works program of approximately US$90 million over three years.
Ivindo Iron plans to immediately commence exploration works to determine the potential size and grade of the Belinga iron ore deposit and to evaluate logistics solutions.
In December last year, Fortescue signed an agreement with the government of Gabon in West Africa to study to develop the Belinga Iron Ore Project in the country, as SteelOrbis previously reported.
